Oil prices decline; WTI crude slips below $72

Oil prices edged lower on Thursday, with WTI crude falling below $72-mark, amid developments related to the Omicron coronavirus variant.

The international benchmark Brent crude was trading down 0.8% at $75.19 per barrel (bbl), at 2.20 pm Makkah time.

WTI crude fell 0.7% to $71.85/bbl.

Britain imposed tougher COVID-19 restrictions, with Health Minister Sajid Javid noting that Omicron cases are expected to 1 million by the end of December.

Additionally, ANZ analysts warned that the risks to demand have not entirely diminished, Reuters reported.

Meanwhile, Commonwealth Bank commodities analyst Vivek Dhar said: “Early indications of the Omicron variant ... suggest that it may be less severe than initially feared given hospitalisation rates have not surged.”